Pedro Arantes
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Smart Contracts

Smart contracts are computer programs stored on a blockchain that will be executed when predetermined conditions are satisfied.
#blockchain
Zettelkasten, April 19, 2021
## Notes - Smart contracts are computer programs stored on a blockchain that will be executed when predetermined conditions are satisfied. - They were first proposed by Nick Szabo in 1994. - They use simply `if/when... then...` statements that are written into code on the blockchain. - These actions could include: - Releasing funds to the appropriate parties. - Registering a document. - Sending notifications. - Issuing a ticket. - Once the transaction is completed, the blockchain is updated. - It makes the transaction very hard to hack. Hackers would have to change the entire chain to change a single record. - Only parties who have been granted permissions can see the results. - The terms must be agreed upon by all parties. - They don't need a central authority, legal system, or external enforcement mechanism. ## References - [IBM. What are smart contracts on blockchain?](https://www.ibm.com/topics/smart-contracts) - [Investopedia. Smart Contracts](https://www.investopedia.com/terms/s/smart-contracts.asp)
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